Yes - It can leak around the caliper's piston(s). There's a rubber seal around the piston which can wear out, and the caliper itself can rust on the inside because brake fluid absorbs water vapor, which leads to internal rust.
Just buy a rebuilt caliper from Pep Boys or Auto Zone. Don't try to rebuild it yourself, because it's just not worth the hassle.

 

well i have a parts car that i can take the caliper off of and it wasnt leaking before hand so im gonna try that but its just so damn cold i cant stay out there long enough to swap the damn caliper

 

well just to put a solid end to this thread i went out today and swapped over my spare caliper..it isnt in much better shape but atleast it isnt leaking like a damn sift. i bled the brakes and everything appears to be working properly...1 down a million to go.